Pub Date : 2023-08-30DOI: 10.1108/sampj-09-2022-0471
Helen Chiappini, N. Marinelli, R. Jalal, G. Birindelli
Purpose The purpose of this study is to analyze the intersection of research on impact investing and its closely related financial vehicles. Design/methodology/approach The paper explores 196 articles collected from Scopus and Web of Science using bibliometric and content analysis methodologies. Findings Despite a growing academic interest in impact investing, scholars generally investigate impact investing as a social phenomenon, using the specific financial mechanism of social impact bonds. This perspective potentially deflates the complex nature of impact investing, which actually combines both social and financial targets and uses a plurality of financial vehicles to reach its goals. Practical implications The emerging themes identified will provide both academics and practitioners additional tools to further the debate on impact investing and the understanding of its potential and limits according to the different financial forms it takes. This review should pave the way for a discussion about the boundaries of the social impact sector itself. Social implications Despite the strong international commitment toward impact investing, tensions still exist. A comprehensive overview on the relevant aspects not yet thoroughly investigated will foster the growth of impact investments. Originality/value To the best of the authors’ knowledge, this is the first holistic overview of impact investing, that jointly examines both literature on impact investing and literature on the correlated financial products used in the industry. The result is a comprehensive report of what is known about impact investing in its different financial forms, opening up new pathways for future studies.
目的本研究的目的是分析影响投资及其密切相关的金融工具研究的交叉点。设计/方法论/方法本文采用文献计量学和内容分析方法，探讨了Scopus和Web of Science收集的196篇文章。发现尽管学术界对影响力投资越来越感兴趣，但学者们普遍将影响力投资作为一种社会现象，利用社会影响力债券的特定金融机制进行研究。这种观点可能会削弱影响力投资的复杂性，影响力投资实际上结合了社会和金融目标，并使用多种金融工具来实现其目标。实际含义所确定的新兴主题将为学术界和从业者提供额外的工具，以推动关于影响力投资的辩论，并根据其所采取的不同金融形式了解其潜力和局限性。这项审查应为讨论社会影响部门本身的界限铺平道路。社会影响尽管国际社会对影响力投资做出了强有力的承诺，但紧张局势仍然存在。对尚未彻底调查的相关方面进行全面概述将促进影响力投资的增长。原创性/价值据作者所知，这是对影响力投资的第一次全面概述，它联合研究了影响力投资的文献和行业中使用的相关金融产品的文献。其结果是一份关于不同金融形式的影响力投资的全面报告，为未来的研究开辟了新的途径。
{"title":"Past, present and future of impact investing and closely related financial vehicles: a literature review","authors":"Helen Chiappini, N. Marinelli, R. Jalal, G. Birindelli","doi":"10.1108/sampj-09-2022-0471","DOIUrl":"https://doi.org/10.1108/sampj-09-2022-0471","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to analyze the intersection of research on impact investing and its closely related financial vehicles.\u0000\u0000\u0000Design/methodology/approach\u0000The paper explores 196 articles collected from Scopus and Web of Science using bibliometric and content analysis methodologies.\u0000\u0000\u0000Findings\u0000Despite a growing academic interest in impact investing, scholars generally investigate impact investing as a social phenomenon, using the specific financial mechanism of social impact bonds. This perspective potentially deflates the complex nature of impact investing, which actually combines both social and financial targets and uses a plurality of financial vehicles to reach its goals.\u0000\u0000\u0000Practical implications\u0000The emerging themes identified will provide both academics and practitioners additional tools to further the debate on impact investing and the understanding of its potential and limits according to the different financial forms it takes. This review should pave the way for a discussion about the boundaries of the social impact sector itself.\u0000\u0000\u0000Social implications\u0000Despite the strong international commitment toward impact investing, tensions still exist. A comprehensive overview on the relevant aspects not yet thoroughly investigated will foster the growth of impact investments.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this is the first holistic overview of impact investing, that jointly examines both literature on impact investing and literature on the correlated financial products used in the industry. The result is a comprehensive report of what is known about impact investing in its different financial forms, opening up new pathways for future studies.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45208717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-29DOI: 10.1108/sampj-07-2022-0375
Montserrat Nuñez Chicharro, M. Mangena, María Inmaculada Alonso Carrillo, Alba María Priego de la Cruz
Purpose Higher education institutions (HEIs) are critical in the sustainability agenda, not only as catalysts for promoting sustainability practices but also because their activities have substantial social, economic and environmental impacts. Yet there is limited research that examines their sustainability performance. This paper aims to investigate the factors that are associated with sustainability performance in HEIs. Specifically, drawing from the stakeholder theory and exploiting Ullmann’s (1985) conceptual framework, this study examines the association between sustainability performance and stakeholder power, strategic posture and financial slack resources. Design/methodology/approach The authors draw the sample from the People & Planet University Green League Table for the period 2011–2019 and use the generalised estimating equations for the modelling approach. Findings This study finds that stakeholder power, in particular, funding grant income, tuition fee income and student and staff numbers, are positively associated with sustainability performance. In relation to strategic posture, this study finds that sustainability performance is negatively associated with governing body independence and gender diversity, and positively associated with internal structures. Finally, regarding financial slack resources, this study finds that surplus income (staff costs) is positively (negatively) associated with sustainability performance. Practical implications To the best of the authors’ knowledge, this research contributes to several existing literature focusing on the not-for-profit sector by documenting, for the first time, the role of stakeholder power, strategic posture and slack financial resources on sustainability performance. Social implications The paper includes relevant implications for HEI managers and regulators for promoting sustainability. Originality/value These results contribute to the literature on the factors influencing sustainability performance.
{"title":"The effects of stakeholder power, strategic posture and slack financial resources on sustainability performance in UK higher education institutions","authors":"Montserrat Nuñez Chicharro, M. Mangena, María Inmaculada Alonso Carrillo, Alba María Priego de la Cruz","doi":"10.1108/sampj-07-2022-0375","DOIUrl":"https://doi.org/10.1108/sampj-07-2022-0375","url":null,"abstract":"\u0000Purpose\u0000Higher education institutions (HEIs) are critical in the sustainability agenda, not only as catalysts for promoting sustainability practices but also because their activities have substantial social, economic and environmental impacts. Yet there is limited research that examines their sustainability performance. This paper aims to investigate the factors that are associated with sustainability performance in HEIs. Specifically, drawing from the stakeholder theory and exploiting Ullmann’s (1985) conceptual framework, this study examines the association between sustainability performance and stakeholder power, strategic posture and financial slack resources.\u0000\u0000\u0000Design/methodology/approach\u0000The authors draw the sample from the People & Planet University Green League Table for the period 2011–2019 and use the generalised estimating equations for the modelling approach.\u0000\u0000\u0000Findings\u0000This study finds that stakeholder power, in particular, funding grant income, tuition fee income and student and staff numbers, are positively associated with sustainability performance. In relation to strategic posture, this study finds that sustainability performance is negatively associated with governing body independence and gender diversity, and positively associated with internal structures. Finally, regarding financial slack resources, this study finds that surplus income (staff costs) is positively (negatively) associated with sustainability performance.\u0000\u0000\u0000Practical implications\u0000To the best of the authors’ knowledge, this research contributes to several existing literature focusing on the not-for-profit sector by documenting, for the first time, the role of stakeholder power, strategic posture and slack financial resources on sustainability performance.\u0000\u0000\u0000Social implications\u0000The paper includes relevant implications for HEI managers and regulators for promoting sustainability.\u0000\u0000\u0000Originality/value\u0000These results contribute to the literature on the factors influencing sustainability performance.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48332522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-24DOI: 10.1108/sampj-08-2022-0405
D. Hay, Michael Kend, Laura Sierra‐García, N. Subramaniam
Purpose This paper aims to assess the cumulative evidence on the determinants of sustainability assurance (SA) reports and the choice of assurance provider quality. It addresses the contradictory and inconsistent findings of past studies conducted over the past two decades. Design/methodology/approach The authors undertake a meta-regression analysis that enables systematic, comparative assessment of the variables associated with the choice of SA and the type of assurance provider. The authors undertake a chronological analysis with the aim of identifying systematic differences in the empirical evidence across distinct time periods. Findings The results indicate that there is very little evidence to support many of the expected associations between commonly studied predictor variables (namely, measures based on agency and corporate governance conceptions) and the choice of SA and the assurance provider type. As a result, research on this topic does not make as effective a contribution as might be expected. There is, however, a time period difference. The authors find results from studies using company data prior to 2010 are significantly different from those using post-2010 data. The results indicate the decision to publish SA to be significantly associated with companies in the oil industry and utilities, and larger organisations where agency costs tend to be higher. Obtaining assurance from a higher-quality provider is found to be associated with companies in environmentally sensitive industries and in stakeholder-oriented countries. Practical implications The study shows that as yet there is not sufficient evidence to support expected results. Users of the research should be aware of this, and researchers should know that more work is needed. The authors suggest researchers take greater care in the choice and comparability of variable measurement and expand the conceptual base when selecting predictor variables. Social implications Companies need to be more transparent and accountable to critical stakeholders such as report users and regulators, and the latter should be more aware that the organisational practice of SA and choice of service provider have changed over time and are increasingly open to agency and other cultural biases. Originality/value To the best of the authors’ knowledge, this is the first study to apply meta-regression techniques for understanding the body of literature on SA and provider choice.
{"title":"Sustainability assurance and provider choice: a meta-regression analysis","authors":"D. Hay, Michael Kend, Laura Sierra‐García, N. Subramaniam","doi":"10.1108/sampj-08-2022-0405","DOIUrl":"https://doi.org/10.1108/sampj-08-2022-0405","url":null,"abstract":"\u0000Purpose\u0000This paper aims to assess the cumulative evidence on the determinants of sustainability assurance (SA) reports and the choice of assurance provider quality. It addresses the contradictory and inconsistent findings of past studies conducted over the past two decades.\u0000\u0000\u0000Design/methodology/approach\u0000The authors undertake a meta-regression analysis that enables systematic, comparative assessment of the variables associated with the choice of SA and the type of assurance provider. The authors undertake a chronological analysis with the aim of identifying systematic differences in the empirical evidence across distinct time periods.\u0000\u0000\u0000Findings\u0000The results indicate that there is very little evidence to support many of the expected associations between commonly studied predictor variables (namely, measures based on agency and corporate governance conceptions) and the choice of SA and the assurance provider type. As a result, research on this topic does not make as effective a contribution as might be expected. There is, however, a time period difference. The authors find results from studies using company data prior to 2010 are significantly different from those using post-2010 data. The results indicate the decision to publish SA to be significantly associated with companies in the oil industry and utilities, and larger organisations where agency costs tend to be higher. Obtaining assurance from a higher-quality provider is found to be associated with companies in environmentally sensitive industries and in stakeholder-oriented countries.\u0000\u0000\u0000Practical implications\u0000The study shows that as yet there is not sufficient evidence to support expected results. Users of the research should be aware of this, and researchers should know that more work is needed. The authors suggest researchers take greater care in the choice and comparability of variable measurement and expand the conceptual base when selecting predictor variables.\u0000\u0000\u0000Social implications\u0000Companies need to be more transparent and accountable to critical stakeholders such as report users and regulators, and the latter should be more aware that the organisational practice of SA and choice of service provider have changed over time and are increasingly open to agency and other cultural biases.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this is the first study to apply meta-regression techniques for understanding the body of literature on SA and provider choice.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43155666","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-22DOI: 10.1108/sampj-09-2022-0473
William N. Dilla, Diane J. Janvrin, Jon D. Perkins, Robyn L. Raschke
Purpose This paper aims to examine the influence of sustainability assurance report format (separate versus combined with financial information assurance) and level (limited versus reasonable) on nonprofessional investors’ judgments. Design/methodology/approach This study uses a 2 × 2 between-participants experiment with 436 US nonprofessional investors. The authors manipulate sustainability assurance report format and level to identify differences in judgments of information credibility, investment desirability and investment amount. Findings This study finds that sustainability assurance level influences participants’ judgments only when the financial and sustainability assurance reports are presented separately. Specifically, participants assess sustainability performance information as more credible and make higher investment judgments when presented with a separate limited, as opposed to reasonable, assurance sustainability report. Practical implications The International Auditing and Assurance Standards Board expressed concerns regarding whether assurance reports accompanying emerging forms of extended external reporting (EER) effectively communicate the level of assurance provided by the independent practitioner. The result that assurance level does not influence investor judgments in the combined reporting format appears contrary to the idea that integrated reporting should provide connectivity between financial and sustainability information. The finding that investors make higher investment and credibility judgments with limited assurance is inconsistent with the intent of sustainability assurance professional guidance and recent research results. Together, the findings suggest that investors may not be able to distinguish between differing levels of sustainability assurance when this information is presented in a combined report format. Social implications Standard setters should consider how sustainability assurance report format and assurance level impact nonprofessional investor judgments. Originality/value Research on the effects of EER assurance report format is sparse. The results indicate that even slight changes in assurance report wording may cause investors to perceive that a limited assurance report conveys a higher assurance level than a reasonable assurance report.
{"title":"The influence of sustainability assurance report format and level on nonprofessional investors’ judgments","authors":"William N. Dilla, Diane J. Janvrin, Jon D. Perkins, Robyn L. Raschke","doi":"10.1108/sampj-09-2022-0473","DOIUrl":"https://doi.org/10.1108/sampj-09-2022-0473","url":null,"abstract":"\u0000Purpose\u0000This paper aims to examine the influence of sustainability assurance report format (separate versus combined with financial information assurance) and level (limited versus reasonable) on nonprofessional investors’ judgments.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses a 2 × 2 between-participants experiment with 436 US nonprofessional investors. The authors manipulate sustainability assurance report format and level to identify differences in judgments of information credibility, investment desirability and investment amount.\u0000\u0000\u0000Findings\u0000This study finds that sustainability assurance level influences participants’ judgments only when the financial and sustainability assurance reports are presented separately. Specifically, participants assess sustainability performance information as more credible and make higher investment judgments when presented with a separate limited, as opposed to reasonable, assurance sustainability report.\u0000\u0000\u0000Practical implications\u0000The International Auditing and Assurance Standards Board expressed concerns regarding whether assurance reports accompanying emerging forms of extended external reporting (EER) effectively communicate the level of assurance provided by the independent practitioner. The result that assurance level does not influence investor judgments in the combined reporting format appears contrary to the idea that integrated reporting should provide connectivity between financial and sustainability information. The finding that investors make higher investment and credibility judgments with limited assurance is inconsistent with the intent of sustainability assurance professional guidance and recent research results. Together, the findings suggest that investors may not be able to distinguish between differing levels of sustainability assurance when this information is presented in a combined report format.\u0000\u0000\u0000Social implications\u0000Standard setters should consider how sustainability assurance report format and assurance level impact nonprofessional investor judgments.\u0000\u0000\u0000Originality/value\u0000Research on the effects of EER assurance report format is sparse. The results indicate that even slight changes in assurance report wording may cause investors to perceive that a limited assurance report conveys a higher assurance level than a reasonable assurance report.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42259120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-14DOI: 10.1108/sampj-08-2022-0423
Sourour Hamza, Naoel Mezgani, Anis Jarboui
Purpose This study aims to investigate corporate social responsibility (CSR) as an impression management strategy. It focuses on CSR associated with, both, disclosure tone management (TM) and earnings management (EM) practices to influence stakeholders’ perceptions. Design/methodology/approach Based on a sample of French listed companies (SBF 120) over an eight-year period, this study empirically investigated a total of 616 firm-year observations. This study firstly investigates the impact of EM and disclosure TM practices on CSR. Then, this study examines their joint effect to explore to which extent CSR is abused for impression management inducement. To address potential endogeneity issue that may be caused by reverse causality between CSR and EM, this study used the two-stage least square. Findings Multivariate analyses indicate that CSR is positively and significantly influenced by EM, but negatively correlated to disclosure TM. However, results highlight the absence of a significant joint effect of both discretionary practices Research limitations/implications Because this study deals only with French companies, results are applicable only to large French firms and should be interpreted with caution. Therefore, future research may need to examine another context. Practical implications As CSR may be used for impression management incentives, all actors interested in socially responsible issues have to bring an initiative to prevent the deviation of CSR from moral and ethical standards. Social implications This study sheds light on the impression management strategies used in CSR reporting, so users may have to read between lines. All stakeholders should be more cautious about the reliability of financial and non-financial information and the disclosure tone manipulation practices that may arise in narrative reports. Originality/value This research contributes to the debate around CSR from an impression management perspective. To the best of the authors’ knowledge, this study is one of the first to associate CSR with, both, disclosure TM and EM in a regulated context.
{"title":"CSR as an impression-management strategy: the joint effect of disclosure tone management and earnings management","authors":"Sourour Hamza, Naoel Mezgani, Anis Jarboui","doi":"10.1108/sampj-08-2022-0423","DOIUrl":"https://doi.org/10.1108/sampj-08-2022-0423","url":null,"abstract":"\u0000Purpose\u0000This study aims to investigate corporate social responsibility (CSR) as an impression management strategy. It focuses on CSR associated with, both, disclosure tone management (TM) and earnings management (EM) practices to influence stakeholders’ perceptions.\u0000\u0000\u0000Design/methodology/approach\u0000Based on a sample of French listed companies (SBF 120) over an eight-year period, this study empirically investigated a total of 616 firm-year observations. This study firstly investigates the impact of EM and disclosure TM practices on CSR. Then, this study examines their joint effect to explore to which extent CSR is abused for impression management inducement. To address potential endogeneity issue that may be caused by reverse causality between CSR and EM, this study used the two-stage least square.\u0000\u0000\u0000Findings\u0000Multivariate analyses indicate that CSR is positively and significantly influenced by EM, but negatively correlated to disclosure TM. However, results highlight the absence of a significant joint effect of both discretionary practices\u0000\u0000\u0000Research limitations/implications\u0000Because this study deals only with French companies, results are applicable only to large French firms and should be interpreted with caution. Therefore, future research may need to examine another context.\u0000\u0000\u0000Practical implications\u0000As CSR may be used for impression management incentives, all actors interested in socially responsible issues have to bring an initiative to prevent the deviation of CSR from moral and ethical standards.\u0000\u0000\u0000Social implications\u0000This study sheds light on the impression management strategies used in CSR reporting, so users may have to read between lines. All stakeholders should be more cautious about the reliability of financial and non-financial information and the disclosure tone manipulation practices that may arise in narrative reports.\u0000\u0000\u0000Originality/value\u0000This research contributes to the debate around CSR from an impression management perspective. To the best of the authors’ knowledge, this study is one of the first to associate CSR with, both, disclosure TM and EM in a regulated context.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43504341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-10DOI: 10.1108/sampj-07-2022-0396
Miranda Tanjung
Purpose Studies on sustainable finance examine how it is interrelated with economic, social, governance and environmental issues. Using financial data on publicly traded firms in Indonesia, this study aims to explore the interplay between the cost of capital, firm performance and the COVID-19 pandemic. Design/methodology/approach This study uses firm-level data sets of publicly listed firms from 2012 to 2021. The regression analysis reported in the study includes the Driscoll–Kraay estimator, propensity score matching model and fixed-effects regression. Findings The study revealed three significant findings. First, on average, non-environmental, social and governance (ESG) companies’ cost of capital is lower than that of ESG firms. Second, ROE in ESG enterprises is significantly impacted by capital costs. Third, the cost of capital has a negative impact on the market value (Tobin’s q) of non-ESG firms. The study specifically shows that after accounting for the pandemic, ESG firms did not benefit during the troubled COVID-19 crisis after controlling for the pandemic dummy years of 2020 and 2021. These results indicate that the adoption of green or sustainable finance is still in its infancy and that the sector requires more time to establish an enabling environment. Research limitations/implications This study benefits from capital structure and ESG theories. It supports the argument that the debt utilization ratio is still relevant to a company’s value because it affects its financial performance. Moreover, adopting ESG principles helps businesses survive crises. Thus, the analysis confirms the superiority of ESG-based firms. Practical implications This study draws two conclusions. First, the results could be a reference for academics and practitioners to understand the effect of pandemic-related crises on a firm’s capital structure and performance. In terms of survival during a crisis, such as the COVID-19 pandemic, this study demonstrates how firms with strong ESG may perform differently than those without ESG. Second, this study supports the need for an empirical study and examination of the development of sustainable finance in the country while considering setbacks. Social implications The results should be of interest to policymakers who focus on the ESG market and academics conducting ESG-related research on emerging markets. Originality/value This study contributes to the literature by establishing empirical evidence on the relationship between the cost of capital and firm performance of ESG- and non-ESG-rated enterprises in the Indonesian setting while controlling for the impact of the pandemic.
{"title":"Cost of capital and firm performance of ESG companies: what can we infer from COVID-19 pandemic?","authors":"Miranda Tanjung","doi":"10.1108/sampj-07-2022-0396","DOIUrl":"https://doi.org/10.1108/sampj-07-2022-0396","url":null,"abstract":"\u0000Purpose\u0000Studies on sustainable finance examine how it is interrelated with economic, social, governance and environmental issues. Using financial data on publicly traded firms in Indonesia, this study aims to explore the interplay between the cost of capital, firm performance and the COVID-19 pandemic.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses firm-level data sets of publicly listed firms from 2012 to 2021. The regression analysis reported in the study includes the Driscoll–Kraay estimator, propensity score matching model and fixed-effects regression.\u0000\u0000\u0000Findings\u0000The study revealed three significant findings. First, on average, non-environmental, social and governance (ESG) companies’ cost of capital is lower than that of ESG firms. Second, ROE in ESG enterprises is significantly impacted by capital costs. Third, the cost of capital has a negative impact on the market value (Tobin’s q) of non-ESG firms. The study specifically shows that after accounting for the pandemic, ESG firms did not benefit during the troubled COVID-19 crisis after controlling for the pandemic dummy years of 2020 and 2021. These results indicate that the adoption of green or sustainable finance is still in its infancy and that the sector requires more time to establish an enabling environment.\u0000\u0000\u0000Research limitations/implications\u0000This study benefits from capital structure and ESG theories. It supports the argument that the debt utilization ratio is still relevant to a company’s value because it affects its financial performance. Moreover, adopting ESG principles helps businesses survive crises. Thus, the analysis confirms the superiority of ESG-based firms.\u0000\u0000\u0000Practical implications\u0000This study draws two conclusions. First, the results could be a reference for academics and practitioners to understand the effect of pandemic-related crises on a firm’s capital structure and performance. In terms of survival during a crisis, such as the COVID-19 pandemic, this study demonstrates how firms with strong ESG may perform differently than those without ESG. Second, this study supports the need for an empirical study and examination of the development of sustainable finance in the country while considering setbacks.\u0000\u0000\u0000Social implications\u0000The results should be of interest to policymakers who focus on the ESG market and academics conducting ESG-related research on emerging markets.\u0000\u0000\u0000Originality/value\u0000This study contributes to the literature by establishing empirical evidence on the relationship between the cost of capital and firm performance of ESG- and non-ESG-rated enterprises in the Indonesian setting while controlling for the impact of the pandemic.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41816591","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-31DOI: 10.1108/sampj-04-2022-0214
G. Maione, C. Cuccurullo, A. Tommasetti
Purpose The paper aims to carry out a comprehensive literature mapping to synthesise and descriptively analyse the research trends of biodiversity accounting, providing implications for managers and policymakers, whilst also outlining a future agenda for scholars. Design/methodology/approach A bibliometric analysis is carried out by adopting the Preferred Reporting Items for Systematic Review and Meta-Analyses protocol for searching and selecting the scientific contributions to be analysed. Citation analysis is used to map a current research front and a bibliographic coupling is conducted to detect the connection networks in current literature. Findings Biodiversity accounting is articulated in five thematic clusters (sub-areas), such as “Natural resource management”, “Biodiversity economic evaluation”, “Natural capital accounting”, “Biodiversity accountability” and “Biodiversity disclosure and reporting”. Critical insights emerge from the content analysis of these sub-areas. Practical implications The analysis of the thematic evolution of the biodiversity accounting literature provides useful insights to inform both practice and research and infer implications for managers, policymakers and scholars by outlining three main areas of intervention, i.e. adjusting evaluation tools, integrating ecological knowledge and establishing corporate social legitimacy. Social implications Currently, the level of biodiversity reporting is pitifully low. Therefore, organisations should properly manage biodiversity by integrating diverse and sometimes competing forms of knowledge for the stable and resilient flow of ecosystem services for future generations. Originality/value This paper not only updates and enriches the current state of the art but also identifies five thematic areas of the biodiversity accounting literature for theoretical and practical considerations.
{"title":"Biodiversity accounting: a bibliometric analysis for comprehensive literature mapping","authors":"G. Maione, C. Cuccurullo, A. Tommasetti","doi":"10.1108/sampj-04-2022-0214","DOIUrl":"https://doi.org/10.1108/sampj-04-2022-0214","url":null,"abstract":"\u0000Purpose\u0000The paper aims to carry out a comprehensive literature mapping to synthesise and descriptively analyse the research trends of biodiversity accounting, providing implications for managers and policymakers, whilst also outlining a future agenda for scholars.\u0000\u0000\u0000Design/methodology/approach\u0000A bibliometric analysis is carried out by adopting the Preferred Reporting Items for Systematic Review and Meta-Analyses protocol for searching and selecting the scientific contributions to be analysed. Citation analysis is used to map a current research front and a bibliographic coupling is conducted to detect the connection networks in current literature.\u0000\u0000\u0000Findings\u0000Biodiversity accounting is articulated in five thematic clusters (sub-areas), such as “Natural resource management”, “Biodiversity economic evaluation”, “Natural capital accounting”, “Biodiversity accountability” and “Biodiversity disclosure and reporting”. Critical insights emerge from the content analysis of these sub-areas.\u0000\u0000\u0000Practical implications\u0000The analysis of the thematic evolution of the biodiversity accounting literature provides useful insights to inform both practice and research and infer implications for managers, policymakers and scholars by outlining three main areas of intervention, i.e. adjusting evaluation tools, integrating ecological knowledge and establishing corporate social legitimacy.\u0000\u0000\u0000Social implications\u0000Currently, the level of biodiversity reporting is pitifully low. Therefore, organisations should properly manage biodiversity by integrating diverse and sometimes competing forms of knowledge for the stable and resilient flow of ecosystem services for future generations.\u0000\u0000\u0000Originality/value\u0000This paper not only updates and enriches the current state of the art but also identifies five thematic areas of the biodiversity accounting literature for theoretical and practical considerations.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46682895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-18DOI: 10.1108/sampj-10-2022-0557
Camilla Ciappei, G. Liberatore, Giacomo Manetti
Purpose This study aims to holistically explore the academic literature on female leaders to identify the key topics and dynamics of the field. Design/methodology/approach The authors systematically review 532 papers to explore the research on female leaders; based on objective and replicable criteria, the authors identify relevant papers and thus ensure the quality of the analysis. The bibliometric analysis and visualization support us in recognizing trends in this topic. Findings This study outlines the state of the art over the past decade by synthesizing theoretical contexts and critically discussing the main streams of research on sustainability, firm outcomes and barriers preventing women from reaching the upper echelons. The authors also explore empirical issues and highlight areas that entail new paths for future scholars. Practical implications The research provides novel evidence of the attempt internationally to increase female participation at the top of the firm hierarchy by analyzing firm outcomes, sustainability and the constraints faced by women in achieving these careers. Social implications The results show that the participation of women in leadership roles is not (only) a matter of compliance with current regulations. Through their ability to monitor key social and environmental issues from a long-term perspective and their attention to the internal control systems, companies more effectively pursue their financial and nonfinancial aims. Originality/value Using bibliographic and narrative analyses, this study reviews the literature on women at the top of the firm hierarchy with a focus on business research. The authors extend prior studies by investigating a larger pool of firm roles to provide a comprehensive understanding of this widely discussed topic.
{"title":"A systematic literature review of studies on women at the top of firm hierarchies: critique, gap analysis and future research directions","authors":"Camilla Ciappei, G. Liberatore, Giacomo Manetti","doi":"10.1108/sampj-10-2022-0557","DOIUrl":"https://doi.org/10.1108/sampj-10-2022-0557","url":null,"abstract":"\u0000Purpose\u0000This study aims to holistically explore the academic literature on female leaders to identify the key topics and dynamics of the field.\u0000\u0000\u0000Design/methodology/approach\u0000The authors systematically review 532 papers to explore the research on female leaders; based on objective and replicable criteria, the authors identify relevant papers and thus ensure the quality of the analysis. The bibliometric analysis and visualization support us in recognizing trends in this topic.\u0000\u0000\u0000Findings\u0000This study outlines the state of the art over the past decade by synthesizing theoretical contexts and critically discussing the main streams of research on sustainability, firm outcomes and barriers preventing women from reaching the upper echelons. The authors also explore empirical issues and highlight areas that entail new paths for future scholars.\u0000\u0000\u0000Practical implications\u0000The research provides novel evidence of the attempt internationally to increase female participation at the top of the firm hierarchy by analyzing firm outcomes, sustainability and the constraints faced by women in achieving these careers.\u0000\u0000\u0000Social implications\u0000The results show that the participation of women in leadership roles is not (only) a matter of compliance with current regulations. Through their ability to monitor key social and environmental issues from a long-term perspective and their attention to the internal control systems, companies more effectively pursue their financial and nonfinancial aims.\u0000\u0000\u0000Originality/value\u0000Using bibliographic and narrative analyses, this study reviews the literature on women at the top of the firm hierarchy with a focus on business research. The authors extend prior studies by investigating a larger pool of firm roles to provide a comprehensive understanding of this widely discussed topic.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45921353","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-11DOI: 10.1108/sampj-07-2022-0365
Ramona Zharfpeykan, C. Akroyd
Purpose This paper aims to evaluate the outcome effectiveness of the global reporting initiatives (GRI) transitions by understanding how companies have responded to the changes from G3.1 to G4 and finally to the GRI Standards. Design/methodology/approach A quality disclosure score is developed that incorporates assessments of both the quality of disclosures and the materiality of Australian companies. To analyse materiality, survey data were collected from 187 companies. Disclosure scores are based on a content analysis of the sustainability reports of 12 mining and metals companies and 12 financial services companies that used the GRI Standards from 2011 to 2019 (a total of 213 reports). Findings The study found that the GRI transitions have not led to companies improving the quality of their disclosures on areas considered important for them to achieve their social and environmental goals. Instead, the companies tended to use a greenwashing strategy, where the quality of disclosure of material issues declined or fluctuated over time. Practical implications From a practical perspective, the disclosure score developed in this paper enables managers of companies to recognize a threshold of completeness and to summarize the areas that are not materially relevant to their business. Social implications The results are potentially helpful for investors, shareholders and other stakeholders, enabling them to better understand sustainability reports. Originality/value This study contributes to the body of research in sustainability reporting by providing evidence on the outcome effectiveness of the latest updates in the GRI framework.
{"title":"Evaluating the outcome effectiveness of the global reporting initiative transitions","authors":"Ramona Zharfpeykan, C. Akroyd","doi":"10.1108/sampj-07-2022-0365","DOIUrl":"https://doi.org/10.1108/sampj-07-2022-0365","url":null,"abstract":"\u0000Purpose\u0000This paper aims to evaluate the outcome effectiveness of the global reporting initiatives (GRI) transitions by understanding how companies have responded to the changes from G3.1 to G4 and finally to the GRI Standards.\u0000\u0000\u0000Design/methodology/approach\u0000A quality disclosure score is developed that incorporates assessments of both the quality of disclosures and the materiality of Australian companies. To analyse materiality, survey data were collected from 187 companies. Disclosure scores are based on a content analysis of the sustainability reports of 12 mining and metals companies and 12 financial services companies that used the GRI Standards from 2011 to 2019 (a total of 213 reports).\u0000\u0000\u0000Findings\u0000The study found that the GRI transitions have not led to companies improving the quality of their disclosures on areas considered important for them to achieve their social and environmental goals. Instead, the companies tended to use a greenwashing strategy, where the quality of disclosure of material issues declined or fluctuated over time.\u0000\u0000\u0000Practical implications\u0000From a practical perspective, the disclosure score developed in this paper enables managers of companies to recognize a threshold of completeness and to summarize the areas that are not materially relevant to their business.\u0000\u0000\u0000Social implications\u0000The results are potentially helpful for investors, shareholders and other stakeholders, enabling them to better understand sustainability reports.\u0000\u0000\u0000Originality/value\u0000This study contributes to the body of research in sustainability reporting by providing evidence on the outcome effectiveness of the latest updates in the GRI framework.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46783702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-07DOI: 10.1108/sampj-08-2022-0453
Esther An
Purpose This paper aims to review and discuss City Developments Limited (CDL)’s 15-year sustainability reporting journey with GRI Standards as core for its blended reporting framework. Design/methodology/approach The paper draws on the knowledge and experience of the company’s reporting team from the perspective of CDL’s Chief Sustainability Officer. Findings To future-proof businesses against climate crisis and achieve relevant sustainable development goals, companies need to be committed to goal setting, tracking and reporting Environment, Social and Governance (ESG) performance for sustained growth. A robust and rigorous approach to sustainability reporting that incorporates both value and impact allows organisations to identify material ESG issues and determine risks and opportunities that will help organisations to enhance strategy and practices for long-term resilience and business growth. Practical implications This paper can help businesses to understand that the rising climate change agenda has led to substantial emphasis being placed on climate-related standards and disclosures. Social implications Businesses cannot manage without measuring performance. Reporting is critical for businesses to effectively integrate sustainability into their business strategy and operations to accelerate action towards a low-carbon economy. Originality/value This paper addresses the development of sustainability reporting trends and the benefits and challenges of using GRI as a core reporting framework in an evolving ESG reporting landscape from the perspective of a real estate company.
{"title":"Accelerating sustainability through better reporting","authors":"Esther An","doi":"10.1108/sampj-08-2022-0453","DOIUrl":"https://doi.org/10.1108/sampj-08-2022-0453","url":null,"abstract":"\u0000Purpose\u0000This paper aims to review and discuss City Developments Limited (CDL)’s 15-year sustainability reporting journey with GRI Standards as core for its blended reporting framework.\u0000\u0000\u0000Design/methodology/approach\u0000The paper draws on the knowledge and experience of the company’s reporting team from the perspective of CDL’s Chief Sustainability Officer.\u0000\u0000\u0000Findings\u0000To future-proof businesses against climate crisis and achieve relevant sustainable development goals, companies need to be committed to goal setting, tracking and reporting Environment, Social and Governance (ESG) performance for sustained growth. A robust and rigorous approach to sustainability reporting that incorporates both value and impact allows organisations to identify material ESG issues and determine risks and opportunities that will help organisations to enhance strategy and practices for long-term resilience and business growth.\u0000\u0000\u0000Practical implications\u0000This paper can help businesses to understand that the rising climate change agenda has led to substantial emphasis being placed on climate-related standards and disclosures.\u0000\u0000\u0000Social implications\u0000Businesses cannot manage without measuring performance. Reporting is critical for businesses to effectively integrate sustainability into their business strategy and operations to accelerate action towards a low-carbon economy.\u0000\u0000\u0000Originality/value\u0000This paper addresses the development of sustainability reporting trends and the benefits and challenges of using GRI as a core reporting framework in an evolving ESG reporting landscape from the perspective of a real estate company.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44891311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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